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The Real Estate Economy and the Design of Russian Housing Reforms, Part II

Housing Finance Advisor, Financial Sector Development Department, The World Bank, Washington DC, USA

The transition from plan to market in socialist economies dominates the economic agenda of this decade. This two-part paper on the Russian housing reforms addresses four questions. First, what is the legacy of the administrative-command system and why were demands for major reforms so widespread in the housing sector? Secondly, in what manner does the severe contraction of the Russian economy complicate the reformers' task? Thirdly, how has the Russian government responded so far to the reform challenge? Fourthly, why are the privatisation of housing and rent reforms at the core of the transition to market? The first part of the paper deals with the first two questions. The second part addresses the last two questions. Priority goes to an integrated perspective on the early stages of Russian reforms over an in-depth analysis of individual issues. The modern analysis of the real estate economy distinguishes two markets: the 'property market' for the allocation of space, and the 'asset market' where investment decisions are made. This theoretical insight provides a much needed framework to understand how the key components of Russian reform interact during the housing transition to market.

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